Penske Automotive Group’s (PAG) “Buy (B)” Rating Reiterated at Weiss Ratings

Weiss Ratings reaffirmed their buy (b) rating on shares of Penske Automotive Group (NYSE:PAG) in a research note released on Friday,Weiss Ratings reports.

Several other analysts have also issued reports on PAG. Morgan Stanley boosted their target price on Penske Automotive Group from $180.00 to $190.00 and gave the company an “overweight” rating in a research note on Thursday, August 14th. Benchmark boosted their target price on Penske Automotive Group from $185.00 to $190.00 and gave the company a “buy” rating in a research note on Wednesday, September 17th. JPMorgan Chase & Co. boosted their target price on Penske Automotive Group from $175.00 to $180.00 and gave the company a “neutral” rating in a research note on Tuesday, October 14th. Finally, Citigroup boosted their target price on Penske Automotive Group from $200.00 to $206.00 and gave the company a “buy” rating in a research note on Thursday, September 25th. Five investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to MarketBeat, Penske Automotive Group currently has an average rating of “Moderate Buy” and a consensus target price of $185.17.

Penske Automotive Group Stock Performance

Shares of Penske Automotive Group stock opened at $160.12 on Friday. The business’s fifty day simple moving average is $175.11 and its 200 day simple moving average is $171.23. The firm has a market capitalization of $10.57 billion, a P/E ratio of 11.27 and a beta of 0.88. Penske Automotive Group has a 12 month low of $134.05 and a 12 month high of $189.51. The company has a current ratio of 0.97, a quick ratio of 0.21 and a debt-to-equity ratio of 0.22.

Penske Automotive Group (NYSE:PAG) last issued its quarterly earnings results on Wednesday, October 29th. The company reported $3.23 EPS for the quarter, missing analysts’ consensus estimates of $3.48 by ($0.25). The business had revenue of $7.70 billion for the quarter, compared to the consensus estimate of $7.71 billion. Penske Automotive Group had a return on equity of 16.84% and a net margin of 3.08%.The business’s revenue was up 1.4% compared to the same quarter last year. During the same quarter last year, the business posted $3.39 earnings per share. As a group, analysts anticipate that Penske Automotive Group will post 13.86 EPS for the current year.

Penske Automotive Group Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Tuesday, December 2nd. Stockholders of record on Friday, November 14th will be given a dividend of $1.38 per share. This is a boost from Penske Automotive Group’s previous quarterly dividend of $1.32. The ex-dividend date is Friday, November 14th. This represents a $5.52 dividend on an annualized basis and a dividend yield of 3.4%. Penske Automotive Group’s dividend payout ratio is 38.85%.

Insider Transactions at Penske Automotive Group

In other news, CFO Michelle Hulgrave sold 1,100 shares of Penske Automotive Group stock in a transaction dated Tuesday, August 19th. The stock was sold at an average price of $182.55, for a total transaction of $200,805.00. Following the completion of the sale, the chief financial officer owned 18,922 shares in the company, valued at approximately $3,454,211.10. This trade represents a 5.49% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, Director Lisa Ann Davis sold 1,604 shares of Penske Automotive Group stock in a transaction dated Monday, August 18th. The shares were sold at an average price of $180.74, for a total value of $289,906.96. Following the sale, the director owned 1,529 shares of the company’s stock, valued at approximately $276,351.46. This trade represents a 51.20% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 51.70% of the company’s stock.

Hedge Funds Weigh In On Penske Automotive Group

A number of hedge funds and other institutional investors have recently modified their holdings of PAG. Root Financial Partners LLC purchased a new position in shares of Penske Automotive Group in the 3rd quarter worth about $33,000. Sound Income Strategies LLC purchased a new position in shares of Penske Automotive Group in the 2nd quarter worth about $34,000. Acadian Asset Management LLC purchased a new position in shares of Penske Automotive Group in the 1st quarter worth about $42,000. GAMMA Investing LLC boosted its holdings in shares of Penske Automotive Group by 51.9% in the 1st quarter. GAMMA Investing LLC now owns 398 shares of the company’s stock worth $57,000 after purchasing an additional 136 shares in the last quarter. Finally, Brooklyn Investment Group boosted its holdings in shares of Penske Automotive Group by 353.0% in the 1st quarter. Brooklyn Investment Group now owns 453 shares of the company’s stock worth $65,000 after purchasing an additional 353 shares in the last quarter. 77.08% of the stock is currently owned by hedge funds and other institutional investors.

Penske Automotive Group Company Profile

Penske Automotive Group, Inc, a diversified transportation services company, operates automotive and commercial truck dealerships worldwide. The company operates through four segments: Retail Automotive, Retail Commercial Truck, Other, and Non-Automotive Investments. It operates dealerships under franchise agreements with various automotive manufacturers and distributors.